- What is needed to qualify for a mortgage?
- Provide Historical (3-5 yrs) Hopewell Information ... Giving, Giving Units, Spending, etc.
- Initial Cash Outlay 25% ... depends on the total loan requested
- Pledge Campaign Commitment from Congregation (at least 3 years)
- Updated Property Assessment
- Finalized quotes from contractors plus detailed drawings to determine future value of the property
- 60 days ... loan processing time
- Approvals from SCUMC Conference
- What monthly giving will this require?
Monthly giving will be dependent on Total Project Cost, Initial Cash, Loan Rate and Term of Loan. Using a basic loan calculator ... with a $2.6 million project, $500K in cash, 6% 20 year loan, we would be expecting a monthly payment schedule of approximately $12,000. This may change dramatically as we discuss options with the loan providers.
- What has been raised to date?
Total Raised through August is $347,904.94.
- What is the current balance in the building fund after expenses
Current Balance after expenses through August is $314,397.82.
- Will the stone wall remain?
– The wall should not be impacted by construction. Our intention is to preserve the wall.
- Will the "Brush Arbor" be preserved?
– The location of the Brush Arbor is not ideal for optimal utilization of the Hopewell site. It will likely need to be relocated on the property or removed all together.
- Will the oak trees be preserved?
Every effort will be made to preserve the oak trees.
- Will the picnic shelter and the playground remain where they are?
The picnic shelter and playground will remain in their current location.
- When will we be in a position to start construction?
– We will be in position to break ground for construction of our new sanctuary three and a half to four months after raising the necessary funds for a down payment on a mortgage.
- What is the anticipated cost?
– Our projected cost estimate for the new Sanctuary is $2,600,000. This includes supporting infrastructure requirements such as grading, stormwater management, additional parking and utility upgrades.
- When is Commitment Sunday?
– Commitment Sunday is scheduled for October 20, 2024.
- Why not go to two worship services on Sunday mornings?
- The survey of the congregation, prior to the vote, revealed that majority wanted to keep a single worship service. Changing to multiple worship services would put additional stress on our musicians, hospitality, and worship committees who do an amazing job for Hopewell.
- What about classroom spaces?
- Our current worship space will be accessed to fill the remaining space needs of the church until we can implement the remaining two phases of our building plan.
